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When to rent
Now we come to the final section, the five things you should always rent. They include:Pickup trucks. If you're a cowboy or work in construction, you get a pass. But everybody else should think hard about how much they actually use that bed to haul stuff. (When you're young, it's particularly dangerous to own a truck, because your friends will be moving a lot -- and everybody will want you to help.)
If you really only need a pickup a few times a year, rent one and buy a car that gets decent gas mileage instead.
Vacation homes. You visit a beautiful place, you're enchanted, and the next thing you know you're dreaming about owning a little cottage tucked in the woods or by the lake or near the beach. Snap out of it, honey. Owning two homes is more than twice the hassle of owning one. The second home will have to be maintained, repaired and insured just like your first, but it will be empty for long periods, so things can go terribly wrong when no one will notice (bursting pipes, rat infestations, termite damage, etc.).
And if it's not sitting empty, it's being (ab)used by strangers or by freeloading friends. Most likely, you'll start feeling obligated to spend time there so you feel like you're getting your money's worth, even when you or your family would rather be somewhere else. Let other people deal with the hassle and rent their vacation homes.
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Anything you use once a year or less. Floor buffer? Lawn aerator? Power washer? Really expensive power tools? If you drag it out annually or less, it's usually better to rent. If you'll use a tool or appliance more often than that, but still infrequently, think about sharing or swapping with a neighbor. You could buy a carpet steamer together, or you could get the steamer and she could get the sewing machine you'll use once or twice a year.
DVDs. Yes, I know they're cheap, but how often are you really going to watch the same movie? If you've got kids and it's a Disney flick, the math works, but otherwise, sign up for Netflix, dude.
The next car you plan to buy. This won't always work, because the nation's rental agencies don't stock every conceivable car. But there's no better way to get the feel for a vehicle than to drive it around for a few days without a salesman yapping in your ear.
Even pets are for rentSo, what are the things you never or always rent? Share your thoughts on the Your Money message board.
Liz Pulliam Weston's latest book, "Easy Money: How to Simplify Your Finances and Get What You Want Out of Life," is now available. Columns by Weston, the Web's most-read personal-finance writer and winner of the 2007 Clarion Award for online journalism, appear every Monday and Thursday, exclusively on MSN Money. She also answers reader questions on the Your Money message board.
Published May 22, 2008
READ MORE: RENT - TELEVISION - PAYDAY LENDERS - CONSUMER GUIDE
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